NY comptroller drops Qualcomm disclosure lawsuit

New York's comptroller has dropped his lawsuit against Qualcomm Inc. (Nasdaq: QCOM) after the wireless technology company agreed to disclose more information about its political spending.

The lawsuit filed Jan. 2 in Delaware sought a court order to inspect company records, saying the San Diego-based corporation rebuffed prior requests for the information.

Comptroller Thomas DiNapoli is sole trustee of New York's pension fund for public workers, which has 5.5 million Qualcomm shares valued at $359 million.

His office says the company spent more than $4.5 million on lobbying last year.

Qualcomm says it will post online its contributions to political candidates and political parties, political spending to trade associations and certain nonprofit organizations, and contributions to influence ballot measures.

June 12, 2013 -- Reporter Tierney Plumb speaks with Tim McDonough, vice president of marketing for Qualcomm CDMA Technologies, about the latest technologies at the E3 Expo at the Los Angeles Convention Center on Wednesday.